Europe emerges from recession as Q3 GDP grows 0.2%

13 November 2009 12:12  [Source: ICIS news]

LONDON (ICIS news)--The EU economy has emerged from recession after third-quarter GDP grew by 0.2% compared with the previous quarter, while GDP in the eurozone increased by 0.4%, according to initial estimates by European statistical office Eurostat on Friday.

The eurozone's two largest economies, Germany and France, helped drive the EU economy out of its downturn after they showed positive growth due to strong trade performances.

Germany's economy grew by 0.7% quarter on quarter, while France's grew by 0.3%. However, market analysts had expected these growth figures to be larger.

In the second quarter of 2009, GDP growth rates were -0.3% in the EU27 and -0.2% in the eurozone.

Seasonally adjusted third-quarter GDP was down by 4.3% in the EU27 and 4.1% in the eurozone compared with the same quarter last year, after falls of 4.9% and 4.8% respectively in the previous quarter.

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By: Franco Capaldo
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